Credit cards keep British debt 'under control' - 23/01/2008

Excellent! Very Good Good Fair Poor

Why not be the first to rate this article?

Christmas debt is cleared by the middle of January using credit cards for the majority of Britons, a representative for Sainsbury's has asserted.

Donald Macleod, head of cards with the financial services provider, remarks that people take advantage of zero per cent credit card deals to clear any debt accumulated over the festive season.

Contrary to reports that UK consumers are hampered by Christmas debt that is hard to clear, Mr Macleod maintains that the number of people struggling in this way is relatively low.

About 60 per cent of British citizens expect to have cleared their festive spending by the end of January compared to about one per cent who take more than a year to do so, he states.

"Bearing in mind that it's the busiest time of the year, two-thirds of people have their debt all cleared by the end of the month. I don't view that as disastrous," says the credit card representative.

Research from the financial services provider indicates that about 18 per cent of Christmas spending was placed on credit cards last year, while 15 per cent of people expect to take between two and three months to clear their debt and three per cent forecast a seven to 12 month gap before their festive outgoings are rectified.

© Adfero

Back to Index